As more consumers turn to online shopping, social networks continue to play a huge part in driving purchasing decisions. Some social networks are more apt at telling the purchasing power of their members, and Pinterest appears to be the king of all social networks in that regard.
IBM released its annual Black Friday survey, and noted that Pinterest's users actually spent more during the shopping period than did social networking behemoth, Facebook (FB). IBM noted that the average Pinterest order value was $92.51, compared to $52.30 for Facebook. With holiday shopping referrals from Pintrest accounting for 77% more spend than Facebook referrals, it's clear to see why Pinterest recently raised $225 million in funding, valuing the company at $3.8 billion.
Though Facebook spending was lower than Pinterest referrals, Facebook's sheer size still allows it to be number one. Facebook referrals converted sales at nearly four times the rate of Pinterest. Facebook has over 1.19 billion monthly active users (MAUs), while Pinterest is reported to have just 70 million users, as of July 2013.
Social networking, particularly Pinterest and Facebook, continue to be popular on mobile devices, particularly tablets, where a good chunk of online spending was done on Black Friday. Mobile traffic accounted for 39.7% of all online traffic on Black Friday, up 34% year-over-year. Even more importantly is the sales figures, with mobile sales accounting for 21.8% of all online sales, up 43% year over year. Tablets, in particular Apple's iPad, remained supreme.
"Tablets drove 14.4 percent of all online sales, double that of smartphones, which accounted for 7.2 percent of all online sales," IBM wrote in the report. "Tablet users also averaged 15 percent more per order than smartphone users, spending on average $132.75 versus $115.63 for smartphone users."
Apple's iOS operating system, which incorporates both iPhones and iPads, accounted for an average of $127.92 per order, compared to $105.20 for Google's (GOOG) Android operating system.
Pinterest has yet to generate any revenue, despite its recent massive funding round. With statistics like this, however, it's clear that Pinterest is incredibly valuable to companies and their sales. One pin at a time.
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